Pintec Technology Holdings Limited (PINTEC), a China-based fintech company, has recently announced that it has entered into a partnership with Fullerton Credit (FC) for expanding digital lending solutions into the Chinese market. FC, for the record, is a collection of micro-credit firms owned wholly by Fullerton Financial Holdings Pte. Ltd. (FFH).
According to a press release by PINTEC, FC provides individuals, SMEs and micro businesses with consumer and operating loans and has disbursed a total of over RMB15 billion in cumulative loans till date. With online as well as offline presence in 31 locations in China, FC serves over 50,000 customers.
PINTEC, under the new partnership, would be developing digital lending solutions for FC for several online consumer scenarios and offer technical support for connecting FC with a broader range of small and micro-sized firms and individuals.
Cooperating with FC and FFH will assist PINTEC in further promoting the adoption of digital lending by financial institution customers, stated William Wei, Founder and CEO of PINTEC. Speaking on the collaboration, FFH CEO Gan Chee Yen said that the strategic partnership with PINTEC is a continuation and reflection of the strategy of FFH to leverage technology and broaden customer segments to serve the Chinese market.
For the uninitiated, FFH had entered the micro-credit market in China in 2008 and then had established four micro-credit firms under the FC brand by 2017 end. Before that, FFH had partnered with Bank of China when it was an early entrant in the Chinese market, establishing a joint venture under the name BOC Fullerton Community Bank, which covers 22 provinces and is the largest community banks network in the country.
PINTEC, on the other hand, owns advanced technologies and is serving massive customers in various scenarios through both offline and online business partners. The company offers complete solutions such as customer screening, scenario access, system development and asset management to financial institutions.